Real assets are relatively attractive, says Janjuah. However, he's waiting for the current central bank bubble to burst before going all in.

"I may be waiting five days, five weeks, five months, perhaps five quarters," Janjuah says. "It all depends on when and how our central bank leaders are exposed as lacking credibility and/or lacking the mandates to keep pumping liquidity into the system."

Janjuah says the end of the bubble will be sign posted by either monetary anarchy creating major real economy inflation or by a deflationary credit collapse.

“The end game is incredibly binary in my view, but in between it is pretty much a random walk,” Janjuah says.

“Either way, 'bonds are toast; in any secular timeframe ... which in turn means that asset bubbles in risky assets will get crushed on a secular basis.”

According to Financial Times journalist John Authers, central banks in the west are injecting money into the system, typically by buying bonds, because they want inflation.